Zoom Video (ZM) - Get Report announced plans Thursday to roll out a pair of new research and development centers as the fast-growing video conferencing company scrambles to meet the challenges of a tidal wave of unexpected growth amid the coronavirus crisis.
Zoom's stock price bounced between positive and negative territory on a tough day for the markets, edging down 0.75% to $165.88 a share as the tech company, which has seen an explosion in growth amid the shift to remote working amid the coronavirus, detailed plans to hire 500 software engineers between two new locations in Pittsburgh and the Phoenix area.
Zoom said it was hunting for space near Arizona State University and Carnegie Mellon University, which the video conferencing company, in a press release, cited for their "exceptional engineering programs."
The new locations will add to Zoom's current research team, which is based at its corporate headquarters in San Jose.
However Zoom, which has also come under fire for the security vulnerabilities of its video conferencing system, said it won't wait until it has offices in hand to move ahead with the expansion of its research capabilities.
Instead, Zoom said it will begin immediately recruiting young engineers, with the new employees working from home until the fall when the company's new offices are expected to be ready and Covid-19 social-isolation measures have abated to some extent.
Zoom's planned hiring surge will boost its engineering team by roughly 60% at a time when the video conferencing company is scrambling to keep up with an epic surge in growth while also keeping "Zoom-bombing" hackers and pranksters at bay.
Zoom in April reported 300 million people each day were participating in meetings on its video conferencing platform, a 30-fold increase from December, when the company hosted 10 million daily participants.